Bolt outruns taxman

USAIN has bolted from competing in Britain because of a massive tax net which could capture huge chunks of the Jamaican superstar's earnings.

Britain, which has moved to mend its leaking economy, has instituted new regulations which the BBC said would have caused sprinter Usain Bolt to lose more money than he would earn from competing at the Crystal Palace Diamond League meet next month.

Athletes competing in the United Kingdom are liable for a 50 per cent tax rate on their appearance fee as well as a portion of their total worldwide earnings.

Britain bases its tax charge on the number of UK events athletes compete in. If Bolt were to take part in 10 meetings worldwide, with one in the UK, the British government could tax him on one-tenth of his worldwide earnings.

The UK's Daily Mail newspaper estimated Bolt's annual income to be around £6.6 million, or approximately J$840 million. It is estimated that Bolt could be liable to pay a few hundred thousand to the UK taxman should he run there this year.